Monthly Archives: April 2016

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Pinnacle Entertainment Completes Spin ($679M)

Gaming and Leisure Properties, Inc. and Pinnacle Entertainment, Inc. have successfully completed the previously announced transactions pursuant to which GLPI has acquired substantially all of Pinnacle’s real estate assets. The acquisition was effected through a series of transactions, including the spin-off of Pinnacle’s operating business, real property of Belterra Park Gaming and Entertainment Center and certain…

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The Curious Case of Hercules Offshore

Yesterday, I sent an email on post-reorg equity Hercules Offshore and thought, why not share it with my readers?  So here it is: Dear X, I am bringing HERO to your attention because last year you wrote about Hercules stock trading at 50 cents. Since your March 2015 write-up, the company restructured its balance sheet…

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Swift Energy Emerges from Bankruptcy

Link to Docket: https://www.kccllc.net/swiftenergy Swift Energy Company (“Swift” or the “Company”) (OTC PINK:SFYWQ-FORMER) announced it has completed its financial restructuring and emerged from Chapter 11. The Company officially concluded its reorganization after completing all required actions and satisfying the remaining conditions to its Plan of Reorganization, which was confirmed by the US Bankruptcy Court for the…

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SunEdison Files Chapter 11

Link to Docket: https://cases.primeclerk.com/sunedison/ SunEdison, Inc. has commenced a process to restructure its balance sheet and position the Company for the future.  To facilitate this restructuring, SunEdison and certain of its domestic and international subsidiaries have filed voluntary petitions for reorganization under chapter 11 of the U.S. Bankruptcy Code in the Bankruptcy Court for the Southern…

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Seventy Seven Energy Steps Toward Chapter 11

Seventy Seven Energy Inc. has entered into a Restructuring Support Agreement with certain lenders representing 92.0% of the outstanding principal amount under the Company’s Incremental Term Supplement loan and certain noteholders collectively owning or controlling in excess of 57.7% of the aggregate outstanding principal amount of the Company’s 6.625% senior notes due 2019. The terms…

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Vestis Retail Group Files Chapter 11

Link to Docket: http://www.kccllc.net/vestisretailgroup As part of its ongoing strategic review process, Vestis Retail Group, LLC (“Vestis” or “the Company”), the parent company of Eastern Mountain Sports (“EMS”), Bob’s Stores (“Bob’s”) and Sport Chalet, today announced a series of steps that will collectively provide a stronger financial foundation for the Company. These steps focus on supporting…

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Lawndale Sees Value in P&F Industries ($32M)

Lawndale Capital disclosed an 11.3% ownership in a 13D/A filing dated April 13, 2016. Item 4. Purpose of Transaction As disclosed in prior filings, the Filers (“Lawndale”) have been in contact with P&F Industries’ (“PFIN”, “P&F” or the “Company”) management and members of P&F’s Board of Directors (the “Board”) regarding concerns relating to the Company’s…

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Clover Nominates Directors for FISI ($411M)

Clover partners disclosed a 5.5% ownership in a 13D/A filing dated April 13, 2016. Purpose of the Transaction The MHC Mutual Conversion Fund Group purchased the Common Stock for investment purposes.  The MHC Mutual Conversion Fund Group’s intent is to influence the policies of the Issuer and assert shareholder rights, with a goal of maximizing the…

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RESI Shareholders Group’s Open Letter ($668M)

RESI Shareholders Group owning approximately 2.4% of the outstanding shares of Altisource Residential Corporation responded today to the filing of RESI’s preliminary proxy statement on April 8, 2016, in connection with the upcoming 2016 annual meeting of stockholders. Dear Fellow RESI Shareholders: Over the past few months, RESI Shareholders Group has attempted to constructively engage with the…

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Amer Farmland to Review Alternatives ($110M)

American Farmland Company, a specialized real estate investment trust focused on the ownership, acquisition, development and management of a portfolio of diversified, high-quality U.S. farmland, today announced that its Board of Directors has authorized the Company to commence a review of strategic alternatives to enhance shareholder value. Since the Company’s October 19, 2015 initial public…

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Goodrich Petroleum Files Chapter 11

Link to Docket: www.bmcgroup.com/goodrich Goodrich Petroleum Corporation has filed for reorganization under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division, in order to implement the terms of that certain Restructuring Support Agreement (the “RSA”) previously announced. The RSA and the bankruptcy proceeding will allow…

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Energy XXI Files Chapter 11

Link to Docket: http://dm.epiq11.com/EXL/Project Energy XXI Ltd has entered into a Restructuring Support Agreement (the “RSA”) with holders of more than 63% of  the Company’s secured second lien 11.0% notes (the “Second Lien Notes”) on the material terms of a balance sheet restructuring plan that will strengthen the Company’s financial position by reducing long-term debt and enhancing…

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Peabody Energy Files Chapter 11

Link to Docket: http://www.kccllc.net/Peabody  Peabody Energy Corporation today voluntarily filed petitions under Chapter 11 for the majority of its U.S. entities in the United States Bankruptcy Court for the Eastern District of Missouri.1  Through this process, the company intends to reduce its overall debt level, lower fixed charges, improve operating cash flow and position the…

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Stratus to Explore Strategic Options ($193M)

Stratus Properties Inc. has authorized management to explore a full range of strategic alternatives for Stratus to enhance value for stockholders, including, but not limited to, a sale of Stratus, a sale of certain of Stratus’ core assets, a share repurchase program, and continuing Stratus’ long-term plans to develop the value of its properties. After…

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VIEX Capital Wants S/H Reps on EMKR Board ($130M)

Purpose of Transaction. The Reporting Persons purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale…

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Starboard Goes Active on DepoMed ($1.0B)

Purpose of Transaction. The Reporting Persons purchased the Shares based on the Reporting Persons’ belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity.  Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase or sale…

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Wintergreen To Fight CTO Actions ($269M)

  Wintergreen to Vote YES to Item 4 Wintergreen Proposal to Hire Independent Advisor to Maximize CTO Shareholder Value And Wintergreen to vote NO to Item 5 Board Proposal to Approve Issuance of Additional Shares of Common Stock April 6, 2016 Wintergreen Advisers, LLC (“Wintergreen”) supports its proposal to request that Consolidated-Tomoka Land Co. (“CTO”…

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VA Partners Goes Activist on Willis Towers ($15.7B)

Purpose of Transaction The Reporting Persons purchased the securities of the Issuer reported herein based on their belief that the securities are undervalued and represent an attractive investment opportunity. Jeffrey W. Ubben, the chief executive officer of ValueAct Holdings and ValueAct Holdings GP, serves on the board of directors of the Issuer. The Reporting Persons…